Over 80% of business owners across the Blacktown, Penrith & Hawkesbury areas don’t have a credit management plan in place to combat the risk of non-payment from their clients or have their debtor placed into liquidation/insolvency.
There are plenty of examples throughout the Blacktown, Penrith & Hawkesbury regions of long term business owners thinking “bad debtors – it won’t ever happen to me, I’ll be right”. Inevitably when they encounter a bad debt they are left to try and play catch up, being reactive and not in a strong position to recover their money. From experience their message to business owners after this occurs is always “if you are in business for the long term, then don’t leave it to chance. Seek some advice from a credit management specialist about what you can do to combat bad debtors and improve your cash flow”.
Whether you are a builder, electrician or plumber or any other type of tradie, you still need to learn how to work on your business as well as in it. Remember, you are not in business to be a charity, you expect to be paid and there are proactive ways to help ensure this happens.
In 2016, if you are in business you can either disrupt yourself by changing and implementing a strong set of Terms and Conditions of Trade to help protect your cash flow. Or, you can be disrupted by a bad debt or an insolvency which will place serious pressure on your cash flow and stress on your business. Which one do you want to happen to you?
I cover the Blacktown, Penrith and Hawkesbury regions, helping proactive business owners protect their cash flow and recover their debts.